The stablecoins on the exchanges hit an all-time high… What does this mean for Bitcoin?
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer The stablecoins on the exchanges hit an all-time high… What does this mean for Bitcoin?
After a rather slow weekend as the bitcoin price remained largely unchanged.
The largest cryptocurrency moved positively yesterday, giving new bullish targets, according to some reasons cited by CryptoQuant analysts.
Bitcoin eyes at the level of 60 thousand dollars:
At the end of last week, Bitcoin appeared to be stuck at $55,000 despite some light volatility.
But with the start of the new week, Bitcoin witnessed positive developments regarding the price, as Bitcoin rose by about $3,500 in a matter of hours, surpassing $58,000.
From a technical perspective, the recent Bitcoin price move revealed two things:
Read:Learn the story of a man who pretended to be kidnapped to steal $1 million worth of bitcoins
Or notHowever, Bitcoin appeared to be in great demand below $55,000 because the bulls didn’t let the price settle there for long, as the dips stalled, and the recovery was relatively quick.
secondlyBTC is currently battling to surpass the key resistance level in the region between $58,000 and $58,350 (the $58,350 figure is the high that bitcoin reached on February 21, 2021).
In any case, it appears that the next target is $60,000 due to the increase in the number of stablecoins on the exchanges.
Stable coins on trading platforms reach their highest level:
Yesterday, there were some stimuli that contributed to the greenness of the indicators of most digital currencies, such as:
Visa, one of the largest payment processors in the world, announces the settlement of financial transactions using the digital stablecoin USDC and Ethereum:
Visa uses the USDC digital stablecoin to settle the first financial transaction
Although it may sound like a headline that will lead to gains for Ethereum, the truth is that it is an announcement that is driving the entire cryptocurrency industry forward.
Read:Ethereum miners’ holdings reach their highest level since 2016
And we all know that Bitcoin is the frontrunner in this industry.
platform revealedCryptoQuant“The total amount of stablecoins in exchanges has recently reached an all-time high.
This means that there is currently a lot of side capital in the trading platforms.
In addition to this, the analysts also introduced another metric that measures the stablecoin ratio, this metric that measures the number of bitcoins compared to the amount of stablecoins present in the exchanges.
Read:Binance Founder: We will use an offshore company to allow cryptocurrency exchange for local currencies
Currently, this indicator is pointing to its lowest level, which we have not seen since last November.
This is another strong signal, as it means that there is not much pressure on selling.
Read also:
Top 5 Cryptocurrencies to Watch in April… Get to know them
Now it is possible to book flights using the digital currency “Dogecoin” on “AirBaltic” airlines
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time